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How to get out of your overdraft? watch

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    Okay, so basically I have an overdraft of £1,000 and I have £30 left :/ ha.
    Get paid on Thursday so that should be about £300 in.
    Student loan in a couple of weeks.

    I'm looking to get rid of my overdraft completely - or at least reduce it to half (£500)

    Can anyone give any tips at all?

    I realize it is going to take a long time, but I'd just like to hear your ideas.

    P.S in my third year of uni, so when I finish in May I am going to increase my hours at work!
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    Short answer - don't spend money you don't have.

    Whilst you're at uni you have to accept there will be times you may go into your overdraft. In my first year I didn't go in at all, second year about £500, and final year about £800. But I didn't work whilst I was at uni so it's understandable (26+ timetables lectures).

    Cut down on non-essentials. Clothes, a premium mobile phone contract, alcohol/nights out. Set a budget and stick to it. We all had times when we had to choose between bread and milk. When you're working full time you'll be surprised at quite how much you have each month, use it to pay off your overdraft (don't go short though) then once you've paid it off you wont miss the money to start savings or a private pension.

    Good luck
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    As above really, it's quite simple maths. Put in more than the sum of the money you take out and any OD charges, and eventually you'll claw your way out of it. How you go about doing that would require a deeper understanding of your personal finances before people here could give advice.
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    Once you've set up a budget remember that your bank will give you a couple of years to pay it off, still interest free. NatWest do anyway.
 
 
 
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